In today’s briefing:
- Chinese Outbound Tourism Recovery Accelerates, But Still a Fraction of Pre-Covid Level
- China TMT Update (Apr.27) – BABA/700.HK/BIDU/PDD/BGNE: AliCloud Will Significantly Cuts Prices
- China Retail Pharmacy Industry – New Game Rule, New Challenges, New Outlook
Chinese Outbound Tourism Recovery Accelerates, But Still a Fraction of Pre-Covid Level
- Chinese outbound air travel in the region surged in March, up 50%+ versus February
- Domestic improvement more muted, but still up about 75% Y/Y in Q123
- Is the expected recovery on track? Sure, but so far no upside surprises for investors
China TMT Update (Apr.27) – BABA/700.HK/BIDU/PDD/BGNE: AliCloud Will Significantly Cuts Prices
- BABA/700.HK/BIDU: AliCloud will significantly cuts prices of its cloud products (-/-/-)
- PDD: Temu expands into multiple European countries in Germany, Netherland, France, Italy, Spain, and the United Kingdom. (+)
- BGNE: Ociperlimab/Novartis trimmed 10% of its pipeline in C1Q23 earnings and did not mention Ociperlimab (-)
China Retail Pharmacy Industry – New Game Rule, New Challenges, New Outlook
- China’s retail pharmacy market has entered a new era of integration as the industry growth is slowing down. After JD Health/Alibaba Health enter this industry, the game rule changes.
- In the short term, the offline chain pharmacies, JD Health, Alibaba Health, etc. would still have the opportunity to carve up market share under the trend of prescription outflow.
- In the long term, it depends on who’re the first to establish new omni-channel retail scenarios, because the “new retail” model would comprehensively surpass traditional model from cost to experience.
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